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The current version of the article was imported from the CIA World Factbook. Please discuss this issue on the talk page. Editing help is available. Economy - overview: In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. This reform began with a 50% devaluation of Senegal's currency, the CFA franc, which was linked at a fixed rate to the French franc. Government price controls and subsidies have been steadily dismantled. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with real growth in GDP averaging over 5% annually during 1995-2004. Annual inflation had been pushed down to the low single digits. As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt.
Economy - in greater depth The former capital of French West Africa, Senegal is a semi-arid country located on the westernmost point of Africa. Predominantly rural and with limited natural resources, the country earns foreign exchange from fish, phosphates, peanuts, tourism, and services. Its economy is highly vulnerable to variations in rainfall and changes in world commodity prices. Senegal depends heavily on foreign assistance, which in 2000 represented about 32% of overall government spending--including both current expenditures and capital investments--or CFA 270.8 billion (U.S.$ 361.0 million). West Africa is the region of. ...
Africa is the worlds second-largest and second most populous continent, after Asia. ...
In chemistry, a phosphate is a polyatomic ion or radical consisting of one phosphorus atom and four oxygen. ...
Binomial name Arachis hypogaea L. The peanut or groundnut (Arachis hypogaea) is a species in the pea family Fabaceae native to South America. ...
Tourist redirects here; for the album by Athlete, see Tourist (album) Tourism is the act of travel for the purpose of recreation, and the provision of services for this act. ...
Since the January 1994 CFA franc devaluation, the International Monetary Fund (IMF), the World Bank, and other multilateral and bilateral creditors have been supporting the Government of Senegal’s structural and sectoral adjustment programs. The broad objectives of the program have been to facilitate growth and development by reducing the role of government in the economy, improving public sector management, enhancing incentives for the private sector, and reducing poverty. The logo of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...
Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...
With an external debt of $ 2,495 million, and with its economic reform program on track, Senegal qualified for the multilateral debt relief initiative for Heavily Indebted Poor Countries (HIPC). Progress on structural reforms is on track, but the pace of reforms remains slow, as delays occur in implementing a number of measures on the privatization program, good governance issues, and the promotion of private sector activity. However, macroeconomic indicators show that Senegal turned in a respectable performance in meeting IMF targets in 2000: annual GDP growth increased to 5.7%, compared to 5.1% in 1999. Inflation was reported to be 0.7% compared to 0.8% in 1999, and the current account deficit (excluding transfers) was held at less than 6% of GDP. Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ...
The 38 states recognized as the Heavily Indebted Poor Countries (HIPC). ...
The terms governance and good governance are being increasingly used in development literature. ...
The fishing sector has replaced the groundnut sector as Senegal's export leader. Its export earnings reached $239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese tuna is rapidly losing the French market to more efficient Asian competitors. Fishing is the activity of hunting for fish. ...
Species Thunnus alalunga Thunnus albacares Thunnus atlanticus Thunnus maccoyii Thunnus obesus Thunnus orientalis Thunnus thynnus Thunnus tonggol Tuna are several species of ocean-dwelling fish in the family Scombridae, mostly in the genus Thunnus. ...
Phosphate production, the second major foreign exchange earner, has been steady at about $95 million. Exports of peanut products reached $79 million in 2000 and represented 11% of total export earnings. Receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million.
Senegal’s new Agency for the Promotion of Investment (APIX) plays a pivotal role in the government’s foreign investment program. Its objective is to increase the investment rate from its current level of 20.6% to 30%. Currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchange. Direct U.S. investment in Senegal remains about $38 million, mainly in petroleum marketing, pharmaceuticals manufacturing, chemicals, and banking. Economic assistance, about $350 million a year, comes largely from France, the IMF, the World Bank, and the United States. Canada, Italy, Japan, and Germany also provide assistance.
Senegal has well-developed though costly port facilities, a major international airport serving 23 international airlines, and direct and expanding telecommunications links with major world centers. Telecommunication is the extension of communication over a distance. ...
Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates: In 2006, 1 € = 655.82 XOF (West-African CFA), or 1 XOF = 0.001525 €
Fiscal year: calendar year
See also
The economy of Africa comprises approximately 887 million people as of July 2005 living in 54 different states. ...
The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish...
External links - CIA World Factbook on Senegalese economy
- Wages of Senegalese workers
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